Out of 171,113 wallets tracked by the on-chain analytics tool Layerhub, only 21,730 wallets, or 12.7%, made profit in Polymarket, with most earning less than $100. Polymarket is a decentralized platform where people bet on real-world events using cryptocurrency.
Only 2,138 wallets made more than $1,000, while about 7,400 wallets reported profits between $100 and $1,000.
Massively driven by significant world events like ongoing conflicts and the upcoming U.S. presidential election, Polymarket has processed about 10.8 million trades in total, with more than 300,000 trades per day between October 6 and 8.
Read Also: Polymarket Discusses $50M Funding, Potential Token Launch
Worthy of mention is the fact that some traders use multiple wallets to spread out their risk in hopes of increasing profits, thus, not all crypto wallets represent individual users.
25,000 wallets have participated in more than 50 trades, according to data, while around 58,000 wallets have only made between one and five trades, indicating that most users place fewer bets.
Nevertheless, interest in crypto betting remains strong as the total open interest on Polymarket—the total value of futures contracts – that traders are holding—surged to $161.1 million on October the 9th.
Recently, as former President Donald Trump was leading Vice President Kamala Harris by about three percentage points, Tesla CEO Elon Musk opined that Polymarket might be better at predicting the result of the 2024 U.S. presidential election than traditional polls.
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